Digital Banking Pivots at the Credit Union of Colorado
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“I feel like we’ve been a little blessed in that our organization is not … driven purely on ROI — they’re driven on improved experience. So [what] we really measure is, is this the right idea or is this going to improve the member experience? And then secondarily, is it responsible financially for our members?”
EPISODE:
1
with guest:
Mitch Rosenbaum
VP of Marketing and eCommerce
Lisa Mixon
Director of Project Management
Episode Summary
As the digital space rapidly evolves, can credit unions access technology providers to fortify the journey forward?
In the premiere episode of the Digital Banking podcast, host and Tyfone’s VP of Sales and Marketing Josh DeTar welcomes Mitch Rosenbaum and Lisa Mixon from the Credit Union of Colorado.
As the credit union’s Director of Project Management, Lisa has enjoyed learning everything about the industry over the last 10 years, especially the parts where she gets to connect with people and hear about their sides of the business.
While her role is to assure everyone’s voice is heard and communication is clear across teams, Mitch, on the other hand, helps the credit union create messaging — and ensures they deliver on it.
Though new to the credit union business, Mitch’s background in engineering psychology and marketing is useful as the Credit Union of Colorado aims to meet the developments of technology to create smoother digital banking experiences through artificial intelligence (AI).
In this discussion about credit unions in the digital space, Lisa and Mitch provide insight into their process of pivoting their online experience, which Mitch says is partly, “measurement and understanding what our members are doing on those systems and where their pain points are.”
Plus, they explain what it’s like to maintain company culture remotely (and during a pandemic), the middleware that will allow them to implement new technologies, the four phases of sophistication of AI and much more.
Key Insights
⚡ In a post-pandemic world, credit unions have the chance to highlight how they differ from impersonal big banks — but because valuing members has long been a staple of credit unions, Lisa says it’s exciting to “see that we were prepared and we didn’t have to change. We didn’t have to pivot, we didn’t have to shift; we could just accelerate.”
⚡ AI extends far beyond chatbots, but it certainly is a developing market. The four phases of AI’s sophistication includes knowledge bases and providing insight, but are there providers that can enable credit unions to adopt every layer of these technologies? Not yet — that’s where middleware comes in.
⚡ To determine the value of technologically-advanced solutions, credit unions prioritize an improved customer experience rather than a return on investment. Instead, Mitch says they invest in measuring member interest and whether new ideas are financially viable for members.
Guest At A Glance
As the VP of Marketing and eCommerce, Mitch’s background in engineering psychology lends itself well to his responsibilities to deliver on the messaging and products the credit union promotes.
Lisa brings more than 13 years of experience to her role as the credit union’s Director of Project Management, where she develops supporting processes and procedures as well as leads individual projects and programs.
